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Regime: Mixed — VIX is elevated at 18.81, while US 10Y yields are up 6bp on the day, suggesting a grind higher driven by real-rate repricing. Today’s market themes: Real-rate repricing: higher yields pressuring risk assets amid sticky inflation data USD/JPY intervention risk: markets remain on high alert after suspected BOJ…
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Where we are: The Dollar Index is hovering around 118.73, little changed from yesterday’s close, within an overnight range of 118.65 and 118.80. The index remains underpinned by solid US yields, with the 2-year at 3.92% and the 10-year at 4.42%. Technically, the DXY is holding above its 50-day moving average,…
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Where we are: S&P 500 futures are trading flat around 5,300, holding onto gains from the recent rally. The overnight range has been relatively tight, contained within 5,290 and 5,310. This level is slightly above yesterday’s NY close, suggesting a modest positive bias heading into the open. Key levels to watch…
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Where we are: Gold is trading around $4,605, down from an overnight high of $4,620. Bullion is struggling to maintain its gains from the previous session, facing resistance around the $4,625 level. The price is currently below yesterday’s New York close, reflecting the pressure from rising real yields. What’s driving it:…
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Where we are: EUR/USD is trading around 1.1715, drifting sideways in early European trade. Overnight, the pair ranged between 1.1690 and 1.1725. This level is slightly above yesterday’s New York close near 1.1705, however, price action has struggled to build momentum so far this morning. What’s driving it: The Euro is…
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Where we are: The Nasdaq 100 is trading near unchanged at 18,050 in pre-market trading. The overnight range has been tight, confined between 18,000 and 18,100. This level is just below yesterday’s New York close, suggesting a slightly cautious tone ahead of key data releases. What’s driving it: The primary driver…
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Where we are: GBP/USD is currently hovering around 1.3610, consolidating gains made overnight. The pair traded in a tight range between 1.3580 and 1.3625 during the Asian and early European sessions. This level sits just above yesterday’s New York close, suggesting the pound is holding its ground despite a relatively quiet…
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Where we are: USD/JPY is trading around 156.50, recovering from a dip to 155.50 following suspected BOJ intervention yesterday. The overnight range has been relatively contained, but the pair remains significantly above the prior NY close, signalling persistent underlying dollar strength despite the threat of further intervention. What’s driving it: The…
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Where we are: Dow futures are trading slightly higher at 38,850, holding onto gains from the previous session. The index is consolidating within a tight range overnight, roughly between 38,780 and 38,880, and remains above the prior NY close. Technically, the index is testing resistance at the 38,900 level. What’s driving…
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Where we are: USD/CAD currently trades around 1.3610, holding onto gains made this week. The pair traded in a tight overnight range, consolidating just below the March highs. The price remains significantly below last Friday’s NY close, reflecting ongoing Canadian Dollar strength. What’s driving it: The primary driver remains the disconnect…
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Where we are: Bitcoin is trading around $61,200, consolidating after an overnight dip to $60,500. This is slightly below yesterday’s NY close, and the price action remains choppy. We are seeing muted trading in the run-up to the US data releases. What’s driving it: Bitcoin’s immediate direction is unclear. Funding rates…
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Where we are: The FTSE 100 is currently trading around 10,330, down roughly 0.5% on the session. The index has traded in a tight 40-point range so far today, failing to find sustained momentum in either direction. It’s below yesterday’s New York close and struggling to hold above the 10,300 psychological…
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Snapshot: AUD/USD is holding firm, underpinned by hawkish RBA expectations despite the last hold, as markets anticipate a potential rate hike as soon as the May 20th meeting. A hawkish print on US ISM Manufacturing Prices at 10:00 ET could challenge the Aussie’s ascent. Watch for resistance around 0.7220; a break…
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Snapshot: WTI crude futures hold near $105, underpinned by a lack of progress in US-Iran negotiations, coupled with persistent concerns around global supply. Focus today shifts to the ISM Manufacturing data at 10:00 ET, specifically the Prices Paid component which is expected to show continued inflationary pressure. Failure to break above…
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Snapshot: The Nikkei 225 closed up 0.38% at 59,513, but gains were tempered by a sharply rallying yen. Speculation of official intervention to support the currency is weighing on the index. Watch for further JPY strength through the 155.00 level against USD – any breach will likely trigger further equity downside.…
